Austin Residential Market Q2 2009 – Market Strengthens

The Austin Board of Realtors is reporting that the local housing market continues to gain momentum from the 1st of this year.  In the first two quarters of 2009 the average sale price for single family home in Austin has increased by $20,824.  The median sales price of homes has increased by $24,400.

Since the first of the year sales volume is up 61% and active listings are up 14%.

This signifies a healthy Central Texas real estate market and good news for both local home buyers and sellers, said Jay Gohil, Chairman of the Austin Board of Realtors.

Comparing June 2009 sales to June 2008 sales data, the number of homes sold is down 4% and the median price of homes sold is unchanged at $199,900.

In Central Texas, the market is benefiting from low morgage rates and a healthy supply of homes for sale. Another strong incentive: an $8,000 federal tax credit for first-time buyers who close on a home before Dec. 1, 2009. (Austin home sales hit highest level in a year, Austin American Statesman, 7/21/09)

Mark Sprague, Austin partner for Residential Strategies Inc. said,

“As fewer developers build homes and the number of available lots continues to shrink, it will mean more demand for existing homes. Resales are a little better. I’m cautiously optimistic.”